The document discusses the 7 most important parts of any business contract:
1. The parties involved - ensuring all parties are properly identified.
2. Exhibits and schedules - ensuring all referenced documents are properly attached and easy to understand.
3. The recital section - clarifying the intent of the contract, though not legally binding.
4. Acknowledgement of consideration - properly outlining the exchange between parties.
5. The terms - thoroughly detailing all essential agreement details.
6. Remedies - outlining actions if the contract cannot be fulfilled.
7. Termination of agreement - allowing for early termination under certain conditions.
The document summarizes key aspects of contract law in India as defined by the Indian Contract Act of 1872. It notes that the Act is based on English common law and extends to all of India except Jammu and Kashmir. It defines the essential elements of a valid contract as offer, acceptance, intention to create a legal relationship, consideration, capacity of parties, free consent, lawful object, certainty and possibility of performance. It also discusses specific types of contracts like indemnity, guarantee, bailment and pledge, and agency. Certain agreements are expressly declared void by law if they restrain marriage, trade or legal proceedings.
Air cargo logistics involves the management of transporting goods quickly via aircraft from their point of origin to customers. It makes up a small portion (0.2%) of the total logistics industry but provides advantages like faster delivery, tighter control over cargo which reduces theft and damage, and the ability to transport perishable goods over longer distances. However, air cargo is also the most expensive form of freight and airlines cannot accept dangerous goods due to regulations.
El documento resume los Incoterms 2010, términos internacionales establecidos por la Cámara de Comercio Internacional para regular las obligaciones de las partes en los contratos de compraventa internacional. Explica las 13 reglas Incoterms divididas en 4 categorías según el grado de responsabilidad asumido por el vendedor.
developing performance indicators in healthcare Mohamed Elfaiomy
The document discusses building and monitoring indicators through a systematic four step process. The first step is to identify relevant indicators according to scope, complaints, high risk areas, etc. The second step is to describe the indicators through an indicator information set that defines data collection. The third step is to collect the data from the identified sources. The fourth step is to analyze the collected data through averaging, measuring central tendency, and creating graphs like bar charts, histograms and run charts. The goal is to measure performance and identify opportunities for continuous quality improvement.
The document provides an overview of key concepts from the Indian Contract Act of 1872, including:
- The definition of a valid contract according to Section 2(h) as an agreement enforceable by law.
- The essential elements of a valid contract as outlined in Section 10, including offer, acceptance, free consent, capacity to contract, and lawful consideration.
- An explanation of offer and acceptance, including the definition and essentials of a valid offer according to Section 2(a), and the definition and legal rules regarding acceptance according to Section 2(b).
- An overview of persons considered incompetent to contract, including minors under the age of 18 and persons of unsound mind, and the
The document discusses measuring and improving health care quality in the United States. It notes that health care quality varies significantly and is not clearly related to spending. While measurement of quality is evolving, focusing on structure, process, outcomes, and patient experience, public reporting is not yet consumer friendly. Some quality measures have improved over time, like prescription of beta blockers, but more work remains, like reducing disparities and addressing the impact of lack of health insurance on outcomes.
This document summarizes key aspects of Book IV: Obligations and Contracts from the Civil Code of the Philippines. It defines an obligation as a juridical necessity to give, do, or not do something. Obligations can arise from law, contracts, quasi-contracts, crimes/offenses, and quasi-delicts. The nature and effects of obligations are also described, including how obligations are classified as pure or conditional, real or personal. Rules are provided for debtor/creditor rights and responsibilities in various obligation scenarios. Remedies for non-compliance like rescission, damages, and specific performance are also outlined.
The document summarizes key aspects of contract law in India as defined by the Indian Contract Act of 1872. It notes that the Act is based on English common law and extends to all of India except Jammu and Kashmir. It defines the essential elements of a valid contract as offer, acceptance, intention to create a legal relationship, consideration, capacity of parties, free consent, lawful object, certainty and possibility of performance. It also discusses specific types of contracts like indemnity, guarantee, bailment and pledge, and agency. Certain agreements are expressly declared void by law if they restrain marriage, trade or legal proceedings.
Air cargo logistics involves the management of transporting goods quickly via aircraft from their point of origin to customers. It makes up a small portion (0.2%) of the total logistics industry but provides advantages like faster delivery, tighter control over cargo which reduces theft and damage, and the ability to transport perishable goods over longer distances. However, air cargo is also the most expensive form of freight and airlines cannot accept dangerous goods due to regulations.
El documento resume los Incoterms 2010, términos internacionales establecidos por la Cámara de Comercio Internacional para regular las obligaciones de las partes en los contratos de compraventa internacional. Explica las 13 reglas Incoterms divididas en 4 categorías según el grado de responsabilidad asumido por el vendedor.
developing performance indicators in healthcare Mohamed Elfaiomy
The document discusses building and monitoring indicators through a systematic four step process. The first step is to identify relevant indicators according to scope, complaints, high risk areas, etc. The second step is to describe the indicators through an indicator information set that defines data collection. The third step is to collect the data from the identified sources. The fourth step is to analyze the collected data through averaging, measuring central tendency, and creating graphs like bar charts, histograms and run charts. The goal is to measure performance and identify opportunities for continuous quality improvement.
The document provides an overview of key concepts from the Indian Contract Act of 1872, including:
- The definition of a valid contract according to Section 2(h) as an agreement enforceable by law.
- The essential elements of a valid contract as outlined in Section 10, including offer, acceptance, free consent, capacity to contract, and lawful consideration.
- An explanation of offer and acceptance, including the definition and essentials of a valid offer according to Section 2(a), and the definition and legal rules regarding acceptance according to Section 2(b).
- An overview of persons considered incompetent to contract, including minors under the age of 18 and persons of unsound mind, and the
The document discusses measuring and improving health care quality in the United States. It notes that health care quality varies significantly and is not clearly related to spending. While measurement of quality is evolving, focusing on structure, process, outcomes, and patient experience, public reporting is not yet consumer friendly. Some quality measures have improved over time, like prescription of beta blockers, but more work remains, like reducing disparities and addressing the impact of lack of health insurance on outcomes.
This document summarizes key aspects of Book IV: Obligations and Contracts from the Civil Code of the Philippines. It defines an obligation as a juridical necessity to give, do, or not do something. Obligations can arise from law, contracts, quasi-contracts, crimes/offenses, and quasi-delicts. The nature and effects of obligations are also described, including how obligations are classified as pure or conditional, real or personal. Rules are provided for debtor/creditor rights and responsibilities in various obligation scenarios. Remedies for non-compliance like rescission, damages, and specific performance are also outlined.
This document discusses a case where a nurse accessed medical records without authorization and violated privacy policies. It provides details of the case, where the nurse accessed 74 patient records for personal reasons and was fired. It then outlines the privacy policies in place to protect patient information, how the nurse violated these policies, and the effects on patients, coworkers and the organization. Suggested changes to policies include new employee training and agreements to prevent future breaches. The importance of clear privacy policies for healthcare workers like HAAs is discussed to avoid violations and maintain patient trust.
This document contains 38 multiple choice questions about obligations and contracts law. The questions cover topics such as sources of obligations, different types of conditions in contracts, modes of extinguishing obligations like compensation, and characteristics of different kinds of contracts.
This document defines and provides examples of four kinds of formal eduction: conversion, obversion, contraposition, and inversion. Conversion involves interchanging the subject and predicate of a proposition while maintaining quality. Obversion changes the quality and uses the contradictory of the original predicate. Contraposition uses the contradictory of the original predicate as the new subject. Inversion uses the contradictory of the original subject. The document provides detailed rules and examples for each kind of formal eduction.
The document discusses various crimes related to midwifery and their corresponding punishments under criminal law. It defines a crime as an act or omission punishable by law, and notes that a midwife can be criminally liable if she commits an act beyond her scope of practice that causes patient death or damage to another person. It also discusses the classification of felonies according to their stage of execution (attempted, frustrated, consummated), and gravity (grave, less grave, light). Various crimes against persons such as parricide, murder, homicide, and physical injuries are also defined.
This document defines a contract and outlines key concepts in contract law including offer and acceptance, consideration, duties and enforcement, and defenses. It explains that a contract is a legally binding promise, and covers topics such as what constitutes a valid offer, how acceptance forms a contract, the need for consideration on both sides, the concept of substantial performance of duties, remedies for breach such as damages and specific performance, and defenses that can make a contract void like unconscionability, fraud, duress, and illegality.
This document provides an overview and summary of key concepts in contract law, including:
- The definition of a contract as an agreement with offer, acceptance, consideration and intention to create legal relations.
- Distinguishing offers from invitations to treat, and the rules around offers, acceptance, and the postal rule on acceptance.
- The types of contracts as bilateral or unilateral, and the importance of consideration in making a contract enforceable.
- The doctrine of privity of contract and its effect on third parties' ability to sue, with the exception of the Contracts (Rights of Third Parties) Act 1999.
- The requirements for consideration, including that it need not be adequate
The document discusses the different types and sources of obligations under Philippine law. It begins by defining an obligation as a juridical necessity to give, do, or not do something. There are various kinds of obligations that can arise from law, contracts, quasi-contracts, criminal offenses, and quasi-delicts. For obligations arising from contracts, the parties are bound to comply with the terms in good faith as the contract is considered the law between them. Quasi-contracts involve lawful and voluntary acts that prevent unjust enrichment. Quasi-delicts refer to damage caused through negligence where there is no contractual relationship. The document outlines the various elements and types of obligations in detail.
The document discusses key issues that contracts need to address to be legally binding. It notes that contracts create the framework for business relationships but poorly written contracts can leave parties exposed legally and financially. The document then lists 9 questions for reviewing contracts to ensure they are enforceable, including whether the contract is fair, involved any misrepresentation or coercion during negotiations, contains errors, is possible to enforce given changing circumstances, all parties understand the terms, involved any failure to disclose important information, subjected any parties to undue pressure to sign, or requires breaching public policy.
Getting Down To The Details: Contract Basics for Non-LawyersCal Stein
This webinar will address the following topics: (i) the general structure of contracts, including how that changes among several common types of contracts; (ii) when contracts are needed and when they are not, and the advantages and disadvantages of having a contract; (iii) things you should look for in a contract, again, including how that changes among several types of common contracts; (iv) things that should set off alarm bells for you any time you see them in a contract you are considering entering into; and, (v) things that may invalidate a contract.
Contact the author at: cstein@dbslawfirm.com
It is common knowledge that contracts are heart and soul of any business activity. A full proof contract requires vast knowledge of the business world, a thorough understanding of drafting knowledge. Commercial contracts form the backbone of many commercial transactions from vendor agreements to client engagement agreements.
Class-4-Drafting of various important clauses in a contract.pptxAnuj Pandey
This document provides information about various important clauses in contracts, including termination clauses, renewal clauses, confidentiality and non-disclosure clauses, indemnification clauses, and non-compete clauses. It discusses the meaning and purpose of these clauses, provides examples, and explains how they work and what they cover. Specifically, it outlines the key elements that should be included in confidentiality agreements to protect proprietary information.
How to negociate #contracts as a #startup & do it like a boss Funding Roadshow
The document provides advice about negotiating contracts effectively. It recommends emulating Warren Buffett's calm, rational approach to negotiations rather than Steve Jobs' emotional style. Contracts should have clear terms to avoid future disputes and litigation. Transparency in negotiations can be effective, and it's best to negotiate contracts between individuals rather than through teleconferences. The document also cautions against analogies and provides tips for when legal expertise is needed, such as for international contracts, indemnification, and limitations of liability.
Aspects of contract and negligence for businessNovoraj Roy
Law identified with business can be finished up as all the law which applies to the rights,
relations and behavior of people and organizations occupied with trade, marketing, exchange,
and deals. This report calls attention to the Essential Elements required for the Formation of a
contract, the distinctive sorts of agreements and their effects.
Basic Contract Law for project managers webinar series: Part 2: Building a contracts
Tuesday 6 March 2018
APM Contracts and Procurement Specific Interest Group (SIG)
presented by Sarah Schütte, Schutte Consulting Limited
hosted by Dr Jon Broome, Contracts and Procurement SIG Deputy Chair
This document discusses aspects of contract and negligence law. It explains how contracts are formed by requiring elements like offer and acceptance, consideration, free consent, capacity of parties, and intention to create a legal relationship. There are different types of contracts that can be used, including verbal, written, distance selling, and deeds. Contract terms can be expressed or implied, and include conditions, warranties, and innominate terms. Tort liability differs from contractual liability in that tort deals with harm caused without a contractual relationship, while contractual liability involves harm between contracting parties. For negligence liability to exist, a duty of care must be breached that causes damages. Businesses can be vicariously liable for the negligent actions of their employees.
Best Practices and Tips for Contract Drafting - Contract BazarContract Bazar
In this presentation, we will explore best practices and tips for Contract drafting. Contracts are the foundation of business relationships, and a well-drafted contract can help parties avoid disputes and protect their interests. We will cover key elements of a contract, drafting tips and techniques, common mistakes to avoid, negotiation strategies, ethical considerations, special considerations for specific types of contracts, important provisions and clauses, and contract management and administration. If you want to learn more about contract drafting, visit https://www.contractbazar.com/blog/contract-drafting/ for more insights and resources.
Get IT in Writing: The IT Pro's Guide to Essential ContractsInsureon
As the owner of a small tech business, you know you could be sued even if you're not at fault. Contracts can help protect you from frivolous lawsuits.
https://it.insureon.com/resources/publications/contracts
This document discusses various aspects of contracts and negligence. It begins by outlining the essential elements required for a valid contract, including offer and acceptance, intention to create legal relations, consideration, and free consent. It then examines different types of contracts and terms that may be included. Several business scenarios are analyzed to demonstrate how contracts may or may not be formed based on the presence of essential elements. The document also explores the differences between contractual liability and tort liability, as well as the nature of liability in negligence cases. Vicarious liability is briefly discussed. Overall, the document provides a comprehensive overview of key legal concepts relating to contracts and negligence.
Construction contracts can contain terms that impact your company’s bottom line. Reviewing them carefully prior to signing is indispensable, and can save your company time and money. This contract review guide is meant to be a starting point for reviewing contracts in general…
12 tips for better contract negotiation and editingApprove Me
A recent survey has found that 53 million Americans are now freelancing, earning $1 trillion dollars last year. Behind many of the jobs freelancers are doing lies the art of contract negotiation. Sometimes, such as in the case of freelancing portals, those contracts are negotiated on your behalf by the portal itself.
This document discusses a case where a nurse accessed medical records without authorization and violated privacy policies. It provides details of the case, where the nurse accessed 74 patient records for personal reasons and was fired. It then outlines the privacy policies in place to protect patient information, how the nurse violated these policies, and the effects on patients, coworkers and the organization. Suggested changes to policies include new employee training and agreements to prevent future breaches. The importance of clear privacy policies for healthcare workers like HAAs is discussed to avoid violations and maintain patient trust.
This document contains 38 multiple choice questions about obligations and contracts law. The questions cover topics such as sources of obligations, different types of conditions in contracts, modes of extinguishing obligations like compensation, and characteristics of different kinds of contracts.
This document defines and provides examples of four kinds of formal eduction: conversion, obversion, contraposition, and inversion. Conversion involves interchanging the subject and predicate of a proposition while maintaining quality. Obversion changes the quality and uses the contradictory of the original predicate. Contraposition uses the contradictory of the original predicate as the new subject. Inversion uses the contradictory of the original subject. The document provides detailed rules and examples for each kind of formal eduction.
The document discusses various crimes related to midwifery and their corresponding punishments under criminal law. It defines a crime as an act or omission punishable by law, and notes that a midwife can be criminally liable if she commits an act beyond her scope of practice that causes patient death or damage to another person. It also discusses the classification of felonies according to their stage of execution (attempted, frustrated, consummated), and gravity (grave, less grave, light). Various crimes against persons such as parricide, murder, homicide, and physical injuries are also defined.
This document defines a contract and outlines key concepts in contract law including offer and acceptance, consideration, duties and enforcement, and defenses. It explains that a contract is a legally binding promise, and covers topics such as what constitutes a valid offer, how acceptance forms a contract, the need for consideration on both sides, the concept of substantial performance of duties, remedies for breach such as damages and specific performance, and defenses that can make a contract void like unconscionability, fraud, duress, and illegality.
This document provides an overview and summary of key concepts in contract law, including:
- The definition of a contract as an agreement with offer, acceptance, consideration and intention to create legal relations.
- Distinguishing offers from invitations to treat, and the rules around offers, acceptance, and the postal rule on acceptance.
- The types of contracts as bilateral or unilateral, and the importance of consideration in making a contract enforceable.
- The doctrine of privity of contract and its effect on third parties' ability to sue, with the exception of the Contracts (Rights of Third Parties) Act 1999.
- The requirements for consideration, including that it need not be adequate
The document discusses the different types and sources of obligations under Philippine law. It begins by defining an obligation as a juridical necessity to give, do, or not do something. There are various kinds of obligations that can arise from law, contracts, quasi-contracts, criminal offenses, and quasi-delicts. For obligations arising from contracts, the parties are bound to comply with the terms in good faith as the contract is considered the law between them. Quasi-contracts involve lawful and voluntary acts that prevent unjust enrichment. Quasi-delicts refer to damage caused through negligence where there is no contractual relationship. The document outlines the various elements and types of obligations in detail.
The document discusses key issues that contracts need to address to be legally binding. It notes that contracts create the framework for business relationships but poorly written contracts can leave parties exposed legally and financially. The document then lists 9 questions for reviewing contracts to ensure they are enforceable, including whether the contract is fair, involved any misrepresentation or coercion during negotiations, contains errors, is possible to enforce given changing circumstances, all parties understand the terms, involved any failure to disclose important information, subjected any parties to undue pressure to sign, or requires breaching public policy.
Getting Down To The Details: Contract Basics for Non-LawyersCal Stein
This webinar will address the following topics: (i) the general structure of contracts, including how that changes among several common types of contracts; (ii) when contracts are needed and when they are not, and the advantages and disadvantages of having a contract; (iii) things you should look for in a contract, again, including how that changes among several types of common contracts; (iv) things that should set off alarm bells for you any time you see them in a contract you are considering entering into; and, (v) things that may invalidate a contract.
Contact the author at: cstein@dbslawfirm.com
It is common knowledge that contracts are heart and soul of any business activity. A full proof contract requires vast knowledge of the business world, a thorough understanding of drafting knowledge. Commercial contracts form the backbone of many commercial transactions from vendor agreements to client engagement agreements.
Class-4-Drafting of various important clauses in a contract.pptxAnuj Pandey
This document provides information about various important clauses in contracts, including termination clauses, renewal clauses, confidentiality and non-disclosure clauses, indemnification clauses, and non-compete clauses. It discusses the meaning and purpose of these clauses, provides examples, and explains how they work and what they cover. Specifically, it outlines the key elements that should be included in confidentiality agreements to protect proprietary information.
How to negociate #contracts as a #startup & do it like a boss Funding Roadshow
The document provides advice about negotiating contracts effectively. It recommends emulating Warren Buffett's calm, rational approach to negotiations rather than Steve Jobs' emotional style. Contracts should have clear terms to avoid future disputes and litigation. Transparency in negotiations can be effective, and it's best to negotiate contracts between individuals rather than through teleconferences. The document also cautions against analogies and provides tips for when legal expertise is needed, such as for international contracts, indemnification, and limitations of liability.
Aspects of contract and negligence for businessNovoraj Roy
Law identified with business can be finished up as all the law which applies to the rights,
relations and behavior of people and organizations occupied with trade, marketing, exchange,
and deals. This report calls attention to the Essential Elements required for the Formation of a
contract, the distinctive sorts of agreements and their effects.
Basic Contract Law for project managers webinar series: Part 2: Building a contracts
Tuesday 6 March 2018
APM Contracts and Procurement Specific Interest Group (SIG)
presented by Sarah Schütte, Schutte Consulting Limited
hosted by Dr Jon Broome, Contracts and Procurement SIG Deputy Chair
This document discusses aspects of contract and negligence law. It explains how contracts are formed by requiring elements like offer and acceptance, consideration, free consent, capacity of parties, and intention to create a legal relationship. There are different types of contracts that can be used, including verbal, written, distance selling, and deeds. Contract terms can be expressed or implied, and include conditions, warranties, and innominate terms. Tort liability differs from contractual liability in that tort deals with harm caused without a contractual relationship, while contractual liability involves harm between contracting parties. For negligence liability to exist, a duty of care must be breached that causes damages. Businesses can be vicariously liable for the negligent actions of their employees.
Best Practices and Tips for Contract Drafting - Contract BazarContract Bazar
In this presentation, we will explore best practices and tips for Contract drafting. Contracts are the foundation of business relationships, and a well-drafted contract can help parties avoid disputes and protect their interests. We will cover key elements of a contract, drafting tips and techniques, common mistakes to avoid, negotiation strategies, ethical considerations, special considerations for specific types of contracts, important provisions and clauses, and contract management and administration. If you want to learn more about contract drafting, visit https://www.contractbazar.com/blog/contract-drafting/ for more insights and resources.
Get IT in Writing: The IT Pro's Guide to Essential ContractsInsureon
As the owner of a small tech business, you know you could be sued even if you're not at fault. Contracts can help protect you from frivolous lawsuits.
https://it.insureon.com/resources/publications/contracts
This document discusses various aspects of contracts and negligence. It begins by outlining the essential elements required for a valid contract, including offer and acceptance, intention to create legal relations, consideration, and free consent. It then examines different types of contracts and terms that may be included. Several business scenarios are analyzed to demonstrate how contracts may or may not be formed based on the presence of essential elements. The document also explores the differences between contractual liability and tort liability, as well as the nature of liability in negligence cases. Vicarious liability is briefly discussed. Overall, the document provides a comprehensive overview of key legal concepts relating to contracts and negligence.
Construction contracts can contain terms that impact your company’s bottom line. Reviewing them carefully prior to signing is indispensable, and can save your company time and money. This contract review guide is meant to be a starting point for reviewing contracts in general…
12 tips for better contract negotiation and editingApprove Me
A recent survey has found that 53 million Americans are now freelancing, earning $1 trillion dollars last year. Behind many of the jobs freelancers are doing lies the art of contract negotiation. Sometimes, such as in the case of freelancing portals, those contracts are negotiated on your behalf by the portal itself.
This document discusses the key differences between agreements and contracts. Agreements are generally not legally enforceable, while contracts are. For something to be a contract it must include an offer, acceptance, consideration, capacity to contract, and an intention to be legally bound. Contracts are used to manage risk and provide clear expectations, while agreements lack an intention for legal enforcement. The document provides guidance on when to use a contract versus an agreement and outlines important rules for contract construction and interpretation.
Legal Agreement template for every first in your startup. Every business plan and agreement requirement anticipated and expertly drafted - in one place
Drafting of Pre Contractual Instruments-Class-2.pptxAnuj Pandey
This document provides information about pre-contractual instruments such as term sheets, letters of intent, and memorandums of understanding. It defines these instruments and provides examples of their purpose and common components. Term sheets outline the key terms of an agreement in a list format before legal contracts are drafted. Letters of intent declare the preliminary commitment to do business and include important deal points. Memorandums of understanding describe the mutual understanding between parties on a project scope but are not always legally binding. These pre-contractual documents help establish agreement early in negotiations.
Contracts help build relationships between buyers and sellers by allocating risks and responsibilities. Contracts can take many forms, such as purchase orders, formal contracts, letters of intent, or memorandums of understanding. The key elements of a valid contract are competent parties, consideration, lawful purpose, certainty of terms, offer, and acceptance. Contentious contract clauses include pricing and payment terms, liquidated damages, liability, warranties, and arbitration.
This document provides answers to frequently asked questions about lease agreements for office space. It defines what a lease agreement is and explains that it is a contract between a property owner and tenant specifying the terms of possession and use of the property. It highlights that lease agreements are necessary to document the arrangement in writing and clarify responsibilities such as maintenance and insurance. Key terms that should be included in a lease agreement are the purpose of the lease, rent details, duration, payment terms, and conditions governing use of the property. The importance of specifying the lease term and allowed purpose of use is also discussed. Relevant Indian laws governing lease agreements are the Consumer Protection Act.
This document provides guidance on drafting business contracts. It discusses the purpose of contracts in establishing agreements between two parties for their mutual benefit. It outlines important elements to include in a contract such as the background and aims of each party, types of contracts, and agreed rights and obligations. The document provides tips for contract preparation including understanding relevant regulations, focusing, and keeping calm. It offers guidance on structure, language use, definitions, examples, and reviewing contracts before finalizing. The overall message is that contracts require careful planning and drafting to be clear, accurate, and enforceable.
Similar to Understanding the 7 Most Important Parts of Any Business Contract (20)
Can Expanding Into Exports Really Boost Profits Here’s 6 Steps to Show You How!Yoel, "Mo" Molina
Expanding into exports can boost profits for small businesses if done correctly. There are 6 key steps to determine if exporting is suitable and how to successfully enter new markets: 1) assess business readiness, 2) obtain proper training from US Export Assistance Centers, 3) develop an export plan, 4) conduct thorough market research on the best potential markets, 5) locate foreign customers, and 6) explore export financing options from the SBA to help launch an export division. Seeking guidance from legal and trade professionals can help small businesses navigate exporting successfully.
Can Expanding Into Exports Really Boost Profits Here’s 6 Steps to Show You How!Yoel, "Mo" Molina
Expanding into exports can boost profits for small businesses if done correctly. There are 6 key steps to determine if exporting is suitable and how to successfully enter new markets: 1) assess business readiness, 2) obtain training from US Export Assistance Centers, 3) develop an export plan, 4) conduct thorough market research, 5) locate foreign customers, and 6) explore export financing options from the SBA to help launch an export division. Following these steps can help small businesses navigate exporting and take advantage of untapped revenue streams overseas.
I Wish Someone Had Told Me This BEFORE I Closed My Business (8 Steps to Close...Yoel, "Mo" Molina
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2. Inform current customers and fulfill contracts, refunding payments if necessary. Announce closure through appropriate channels.
3. Begin selling off remaining assets like inventory through discounts, auctions, and online marketplaces.
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Is it Ever Okay to Ask about an Employee’s Citizenship StatusYoel, "Mo" Molina
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Ready to leap- (What to know before you start a business)
Understanding the 7 Most Important Parts of Any Business Contract
1. Understanding the 7 Most Important Parts of Any
Business Contract
Successfullynavigatingandunderstandingthe basiccontractthat makesupthe backbone of all business
negotiationsandtransactionscanseemintimidatingtonew entrepreneurs andinexperienced
businessmen.However,understandingthe keycomponentsof the standardbusinesscontractdoesn’t
have to be so intimidating.
Start by identifyingthe importantpartsof the contract and understandingthemwithinthe contextof
the contract as a whole,thiswillprovideanybusinessmenthe foundationneededinordertobeginto
understandandutilize businesscontractsinsteadof beingintimidatedbythem.
Here are the most importantpartsof anybusinesscontractas well askeypointtokeep inmindabout
themwhenyouare inthe negotiationprocess:
1. The Parties Involved in the Contract
The partiesinvolvedinanybusinesscontractare those negotiating,orcomingtoan agreement.Parties
can be literallyanythingfromagovernment,toanindividual,toa large corporation,orevenan NPOor
international charityfoundation.Yesthisseemsbasic,butthere are some thingsyoumustkeepinmind
whenreviewingthe partiesof anybusinesscontract.
What to look out for:
All partiesina contract mustbe fullyandproperlyidentifiedinordertoensure the contractislegally
binding.If,forexample,aname ismisspelled,thatpartycan come back and claimthere wasneverany
enforceable contractinthe firstplace. Here’salistof what to ensure:
All namesshouldbe full,formal,legal names.Thismeansnonicknamesorabbreviations
anywhere.
Make sure the namesof all spousesare alsoincludedif the intentisforthemto alsobe a formal
partiesinvolvedin the contract.
Businessesshouldhave theirfull namesusedaswell.Thismeansitshouldinclude thingslike
LLP, LLC, S Corp,etc.
2. Exhibits and Schedules
These termsmightat firstseemratherconfusing,buttheyare simplyaformal,legal waytointroduce
additionaldocuments thatneed tobe attachedto the contract. Such documentscouldbe requiredfor
any numberof specificreasonslikesimplyforreference orclarification,oradditionally,toprovide the
requiredproof forsome aspectof the contract
What to look out for:
WhenreviewingExhibitsandSchedulesinacontract, keepaneye outfor any of the following:
Are all documentsreferencedwithinthe contractactuallypreparedandattachedtothe
contract? Failure toinclude themcouldrenderthe contractunenforceable foravarietyof
reasons.
2. Are the documentsreferencedclearandeasytounderstand?Dotheyprovide the referenceor
proof the contract claimstheydo? Don’tjusttake anotherpartieswordfor it,but actively
examine suchdocumentstoensure theyare accurately representedwithinthe contract.
3. The Recital Section
Don’tconfuse thisfora publicconcertor speakingengagement.Inthe contextof a businesscontract,
the recital isa section,atthe beginningof acontract, whose purpose istoquicklyilluminate the intent
of the contract. It can helpclarifyanydifferencesininterpretationsof the intentof the contract.
What to look out for:
Whenreviewingthe recital section,keepthese importantpointsinmind:
The recital section is notlegallybinding.Itissimplyforclarification.Therefore,statementsinit
shouldbe repeatedelsewhereinthe contract.Alwaysensure significanttermsof the contract
appearwithinthe mainbodyas well aswithinthe recital section.
Pay attentionto the language of suchtermsin the bodyof the contract. Theyshouldfollow
language like “The partiesagree asfollows…”If not,the contract couldbe foundtonot be
legallybinding.
4. The Acknowledgement of Consideration
The “Consideration”of anycontract isfairlyobvious.It’sthe products,services,goods,and/orfundsthat
are to be exchanged,thatis,the essentialreasonforthe contractin the firstplace.To sumit up,it is
whateach party isofferingthe other.
What to look out for:
The Acknowledgementof Considerationsectionof anycontractmust be carefullywordedsothatyour
contract will indeedbe “goodandlawful.”Doingsowill ensure itisbindinginthe eventthe otherparty
attemptslitigation.Here’sanexample of the legal language typicallyusedinthe Acknowledgmentof
Considerationsection,you’llbe sure towantto check anycontract youplanon signingforsomething
like the following:
“For good and lawfulconsideration,thesufficiency which isacknowledged,and includesthemutual
representations,warranties,covenants,and agreementssetforth herein,intending to be legally bound,
the partieshereto hereby enterinto this agreement.”
5. The Terms of the Contract
Thisis the mainsectionor bodyof any businesscontract.Itneedstocontaina thoroughlistof all the
essential informationpertainingtothe contract. Everysingle lastdetail of the agreementshouldbe
coveredhere,includingthe thingsmentionedinthe recital.Anyandall of the followingpiecesof
informationshouldbe included:
Quantityof promisedgoodsorproducts.
A definedtimeframe forexpectdelivery.
Anyconfidentialityconcerns.
Anyappointedagentsresponsible forthe fulfillmentof the termsof the contract.
The price of servicestobe rendered,technologiestobe developed,orgoodstobe delivered.
3. What to look out for:
See if whetherornot the termsof the contract indicate if the writtenandsigneddocumentcontainsthe
entiretyof the agreementornot.Thisisveryimportantas itwill determine,inthe case of litigation,
whetherornot the contract can be or wasmodifiedbyanyextraneousagreementsnotcontainedinthe
writtendocument.
In the eventthe statementisincluded, everything mustbeputinto the termsof the contract inorderfor
it to be binding.
6. Remedies
Each contract shouldcontainaRemediessectioninthe eventthatsomethinghappenstopreventone or
bothpartiesfrombeingable tofulfill the termsof the contract.Thissectionisjusta backup plan,it’s
onlythere tostipulate whattodo if the contract cannotbe fulfilled.However,itisa veryimportantpart
of anycontract as it providesaway toprotect the investmentof anypartiesnotinbreach of contract.
Thinkof this sectionasa “what to do whenthings gowrong”guide.
What to look out for:
It’swise to negotiate thissectionpriortoagreeingtothe contract as a whole.Oftentimesproof of loss
inthe eventof breachof contract is hard to ascertain,soyourbestbet isto define itinthe contract
clearlywithbothpartiesinagreement.
All actionsandremediestobe takeninthe eventthe contract cannotbe fulfilledmustbe clearly
detailedinthissection.Cautiousbusinessmenmayfavorlimitingthe availableremediestosomething
like “returnof earnestdeposit.”
7. Termination of Agreement
Thissectionof a contract isthe “EmergencyExit.”Life isunpredictable,andoftenthingshappenthat
cannot be foreseenandpreventone orbothpartiesfrombeingable tofulfill the termsof the contract.
Agreeingtowhatthese eventsare andhow to properlyendthe contractbefore anysuch conflictsor
issuesarise isa greatway to protectyourself fromunnecessaryhasslesorcostsinthe eventacontract
mustbe terminated.Here’salistof commonreasons to allow the earlyterminationof abusiness
contract:
If all partiesmutuallyagree toit.
By eitherpartyinthe eventitcannot be fulfilledandneitherpartyisatfaultfor this(Fire,severe
weather,theft,deathof keypersonnel).
By the sellerorpurchaserif the otherparty has misrepresentedthemselves,theirservice,or
productin the contract.
CovenantsandWarrantiescan alsoaffectthe earlyterminationof acontract as stipulatedinthe
Terminationof Agreementsection.
What to look out for:
Keepinmindthere are otherissuesatstake whena contract is terminatedearly.Docertainrights,like
that to confidentialityandnon-disclosure,continue?There are several rightsyoumaywanttoensure
your companyretainsinthe eventof anearly termination.Thisisthe propersectiontodothat.
4. Wrapping Things Up…
Nowthat youknowthe basics of what’sincludedinabusinesscontract,it’stime toput thatknowledge
to work.So whenyoureviewacontract,alwaysassume thateverythingthatcan gowrong,will.
Carefullycheckthe contractto see howitprotectsyou inthe worst imaginable circumstances.For
example,assumeabreachtakesplace and isfollowedwithlitigation.Whatdoyouneedto be protected
fromand preparedforinthat scenario?Thismustbe includedof the bodyof the contract before you
everagree to signit.
Neverthinkanythingwill gosmoothly.Always,alwayshave a“justincase” approachto ensure youare
protectedsothat yourlivelihoodisnotinjeopardyinthe event of abreach.Look for clausesthat
require mediationorarbitration,orconsiderincludingthemyourselfaspreventative stepstolitigation
inthe eventof a problem.
In the end,if youhave any doubtsaboutany clause or sectionof a contract, don’tsignit.Get your
questionsanswered,yourworriesresolved.Seeklegal advice,don’ttrustyourownknowledgeof
contracts if youthinksomethingisnotonthe level. The bottomlineisneversignanythingunlessyou
understanditcompletelyandknowyouandyour businessare protectedbythe termsof the contract.